I apologize for being negative, but... adding 800k in reserves, for $1 billion AUD, is hardly an amazing feat.
I note that they are using $2170 AUD for the economic cutoff price for the reserves, which I believe, is actually the highest number I have seen in recent times.
The above, is such a non-statement and they know they cannot back it up yet. I also dislike how they again paper over the reality of what makes up their reserves. 2.2m of the reserves, are for McPHil, which is not in production.
So we have, a 500k p.a producer, with 2.6m ounces in reserves, or, 5 years (its actually less, because they have already produced for 9 months, so closer to 2.3m ounces in reserves.
I might also add, that a while back @nordesmic was able to illustrate how a mix of gold producers, benefits from low oil prices, well, the trend has changed, and I struggle to see how RRL is not going to see rising prices due to its high use.
Anyway, I wish holders good luck, but just because I hold RRL, does not mean I have to be happy with their results to date.
RRL Price at posting:
$2.67 Sentiment: Hold Disclosure: Held
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